Saturn Oil & Gas Inc. · TSX:SOIL
Saturn Oil & Gas — Investor Presentation (February 2026)
38 slides from Saturn Oil & Gas's investor presentation, February 2026
Slide 1: A Proven Blueprint for Unlocking Value
OTCQX: OILSF TSX: SOIL A Proven Blueprint for Unlocking Value. February 2026 CORPORATE PRESENTATION
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements All forward-looking statements are based on Saturn's beliefs government policy changes; uncertainties associated with and assumptions based on information available at the time credit facilities and counterparty credit risk; and changes in This presentation is f
Slide 3: The Saturn Investment Opportunity (TSX: SOIL)
The Saturn Investment Opportunity (TSX: SOIL) High-Quality Light Oil Weighted Assets, Free Funds Flow Generation and Per Share NAV Disconnect 01. 02. 03. Diversified Downside Compelling Asset Base Protection Upside • >80% weighted to high-value • Discounted valuation + higher • Potential for rerate
Slide 4: Corporate Profile
Corporate Profile Saturn is a Low Decline, Low Royalty, Light Oil Producer Leveraging Our Saskatchewan Advantage 3 -YE A R P RODU C TI O N HI S TORY (MB o e /d ) Capital Structure ($C) (TSX: SOIL | OTCQX: OILSF) +480% Shares Outstanding1 (Basic) 184.1 MM 43-44 Basic Market Capitalization ~$590 MM Ne
Slide 5: Our Blueprint for Value Creation
Our Blueprint for Value Creation Simple Blueprint Saturn Follows to Enhance Size, Scale and Production Per Share Metrics 01. Acquire 02. Optimize 03.Develop 04. Reduce Net Debt to Repeat Acquire Optimize Develop Reduce Net Debt mid-life cycle assets at to reduce costs by streamlining to expand reser
Slide 6: Saturn's Blueprint in Action: Growth Trajectory
Saturn’s Blueprint in Action: Growth Trajectory 01. Asset Base Growth & Production Expansion Increases Ability to Generate Free Funds Flow 2021 2022 2023 2024 2025 Acquisitions June 2021 July 2022 February 2023 June 2024 resulted in a Oxbow Viking Ridgeback Battrum/Flat Lake diversified asset (SE Sa
Slide 7: Oil-Weighted Assets Across Three Core Areas
Oil-Weighted Assets Across Three Core Areas 01. Portfolio of Low-Decline, High-Return Plays Targets Multiple Stacked Oil Zones Viking 2020 2022 Kindersley Herschel Montney 2023 Viking Plato Kaybob 2024 Lower Shaunavon / Cardium Mannville West Pembina 2023 & 2025 Battrum Brazeau Mississippian 2021 &
Slide 8: Optimization: Controlling What We Can
Optimization: Controlling What We Can 02. Applying Saturn’s Blueprint Contributes to Ongoing Margin Expansion OP E RA TI NG & TRA NS P OR TA TI O N C OS TS 1 ($ /B OE ) OP E RA TI NG NE TB A CK 32% Operating Expenses Transportation Expenses $35 $60 $120 $30 0.74 0.61 $25 27.96 1.28 Operating Netback
Slide 9: Operating Cost Reductions & Streamlining
Operating Cost Reductions & Streamlining 02. Size and Scale Supports Ability to Capture Efficiencies OPERATING COST REDUCTION COMPONENTS KEY OPEX REDUCTION DRIVERS (Q3 2021 to YTD 2025 - $/BOE) $30.00 0.98 1 Fees 27.53 • Increased due to gas processing fees from acquired properties $25.00 (2.79) 2 R
Slide 10: Efficient Development Drives High Return on Invested Capital
Efficient Development Drives High Return on Invested 03. Capital and Supports Quick Payouts TYPE CURVE OUTPERFORMANCE ACROSS NUMEROUS PRIMARY PAYOUT PERIODS* (YEARS) AREAS DRIVES STRONG RETURNS Half-Cycle Frobisher Dual Leg Payout Period 2 0 2 4 L O C A T I O N C O U N T A N D A V E R A G E W E L L
Slide 11: 2026 Development: SE SK OHML Program
2026 Development: SE SK OHML Program 03. Saturn is the Leading Developer of OHML Technology in Saskatchewan 32 OHML planned > 300 OHML locations up to 33% of 2026 development Open Hole locations in 2026 identified in SE SK capital allocated to OHML • Saturn is a leading developer of OHML wells in SK
Slide 12: 2026 Development: SE SK Conventional Program
2026 Development: SE SK Conventional Program 03. Conventional Development Program Provides Flexibility with Strong Returns 23 Conventional > 550 Conventional locations #1 returns Highest ranked plays in #1 Most capital efficient well Saturn drilled in ’25 wells planned identified in SE SK Saturn’s i
Slide 13: 2026 Development: Creelman Waterflood Expansion
2026 Development: Creelman Waterflood Expansion 03. Progressing Secondary Recovery, Re-Pressurizing Infill Drilling and Supporting Sustainability Initial Creelman Development • 18.5 sections of 100% WI land adjacent to existing waterflood • 70 MMbbls OOIP, 5% increased waterflood recovery, plus up t
Slide 14: 2026 Development: AB Cardium
2026 Development: AB Cardium 03. Innovative Longer Laterals and Multi-Pad Development Boost Economics & Capital Efficiencies Saturn’s Cardium Approach E X TE NDE D RE A CH MU L TI W E L L P A D DE VE L OP ME N T A T W E S T P E MB I NA • Enhancing the Cardium inventory value by adopting new technolo
Slide 15: Systematic Net Debt Reduction
Systematic Net Debt Reduction 04. Growing Free Funds Flow and Senior Notes Termed Out to 2029 NE T DE B T 3 RE DU CTI O N P OS T A CQU I S I TI ON S : 2 02 0 – Q2 2 02 5 Senior Notes Maturing 2029 1000 US Senior Notes Balance • Built-in annual prepayment of 10% of original 97.5MM / ~C$135MM principa
Slide 16: Fueling Free Cash Flow with Strategic Growth
Fueling Free Cash Flow with Strategic Growth 04. Repeated Success Completing Accretive Acquisitions That Drive Strong Free Funds Flow A DJ U S TE D FU NDS F L OW ( “A F F ”) 1 GROW TH ($ MI L L I ONS ) 472.5 MM Capital Return Framework $160 AFF ($MM) WTI ($CAD) $ AFF1 in Last 12 Months $140 • Normal
Slide 17: 2026 Budget Overview
2026 Budget Overview(1): Disciplined, Nimble & Free Funds Flow Focused Prudent Budget Designed to Support Ongoing Debt Repayment, Value Preservation and Maintain Agility Budgeting up to ~$185 MM ~40,000 boe/d 33% for OHML Development capital expenditures Mid-point of 2026 forecast High-return & capi
Slide 18: 2026 Budget & Guidance Details
2026 Budget & Guidance Details Current Price Environment Drives Conservative Approach and Focus on Free Funds Flow 2026 Guidance5,6 Development capital expenditures2,5 $MM $180 - $190 SENSITIVITIES Annual Average Production1 Boe/d 39,000 - 41,000 Factor Change Approximate AFF(2)(6) Impact Oil & Liqu
Slide 19: Peer Comparison & Research Coverage
Peer Comparison & Research Coverage Saturn Positioned for Strong Free Cash Flow to Support Debt Repayment and Return of Capital 2 02 5 E FRE E CA S H F L OW YI E L D 1 , 3 2 02 6 E E NTE R P R I S E V A L U E / DE B T A DJ U S TE D C A S H F L OW (E V /DA C F ) 2 , 3 30% 10.0 27% 9.0 26% 8.0 22% 7.0
Slide 20: The Saturn Investment Opportunity (TSX: SOIL)
The Saturn Investment Opportunity (TSX: SOIL) High-Quality Light Oil Weighted Assets, Free Funds Flow Generation and Per Share NAV Disconnect 01. 02. 03. Diversified Downside Compelling Asset Base Protection Upside • >80% weighted to high-value • Discounted valuation + higher • Potential for rerate
Slide 21: Head Office
TSX: SOIL | OTCQX: OILSF Head Office Saturn Oil & Gas Inc. Suite 2800, 525 – 8th Ave SW Calgary, AB T2P 1G1 info@saturnoil.com 403.268.7800 SATURN OIL + GAS | CORPORATE PRESENTATION TSX: SOIL | OTCQX: OILSF 21
Slide 22: Appendix
Appendix SATURN OIL + GAS | CORPORATE PRESENTATION TSX: SOIL | OTCQX: OILSF 22
Slide 23: Saturn's Community Involvement
Saturn’s Community Involvement Driving Positive Change Through Diversified Partnerships, Donations, and Volunteering Fostering Healthy and Some of Our Previous and Ongoing Support has Included: Vibrant Communities Saturn is committed to driving positive change through strategic partnerships and targ
Slide 24: Saturn's OHML Development Program
Saturn’s OHML Development Program Open Hole Multi-Lateral (OHML) Development is Cornerstone of Saturn’s SE Saskatchewan Program Drilling S A TU RN’ S S E S K OHML DRI L L S & L OCA TI ON I NVE NTO RY • Bakken/Torquay historically fracked; uneconomic in thinner reservoirs as stimulation not maintaine
Slide 25: Alberta Operations – Montney & Cardium
Alberta Operations – Montney & Cardium Longer Laterals and Innovative Completions Boosting Economics & Capital Efficiencies Cardium E VOL U TI ON OF THE CA RDI U M S I NCE 2 004 • Saturn drilled the fastest extended reach Hz Cardium well on record in Q3/25, drilling to 5,090 metres MD in a single ru
Slide 26: Saturn's Operations
Saturn’s Operations Portfolio of Low-Decline, High-Return Plays Targets Multiple Stacked Oil Zones Three diversified, light oil, core operating • Focus on mid-life cycle assets with high oil weighting areas across 1.1 MM acres of land, • Similar full and half cycle costs since generating 41,142 boe/
Slide 27: Southeast Saskatchewan
Southeast Saskatchewan Anchor Area with High Rate of Return, Abundant Seismic Coverage, Large Scale Owned Infrastructure Overview Area Map Play Development: Oxbow • Bakken at Viewfield 15-21 15-21 Oxbow OHML OHML Well Well • Conventional Mississippian: Midale, Frobisher, Tilston, OHML OHML Bakken Ba
Slide 28: West Saskatchewan
West Saskatchewan Resource Plays, Repeatability, Steady Production and Cash Flow Overview Area Map Play Development: • Viking at Kindersley, Herschel and Plato Kindersley Herschel • Lower Shaunavon at Battrum • Viking Waterflood at Battrum • Kindersley • Herschel 2025 Capital Development Focus: • Pl
Slide 29: Central Alberta
Central Alberta Resource Play, Large Prospect Inventory, Significant Expansion Potential Overview Area Map Play Development: • Cardium at Brazeau (W./E. Pembina) and Lochend 7-30 Pad Montney Wells • Montney oil window at Kaybob Kaybob 2025 Capital Development Focus: • Kaybob • West + East Pembina W.
Slide 30: Robust 2024 Reserves Expansion
Robust 2024 Reserves Expansion R E S E R V E S G R OW TH HI S TOR Y (MMB OE ) Long Runway of Reserves with PDP NAV 250 ~1.7x Higher than Saturn’s Recent Share Price1 2024 Organic* Additions PDP 1P 2P 200 $5.56 $8.36 $13.77 • PDP of 6.3 mmboe +38% vs 2023 NAV PER BASIC SHARE3 • 1P of 6.8 mmboe • 2P o
Slide 31: Mitigating Risk
Mitigating Risk Active Risk Management Program Designed to Stabilize Cash Flow and Mitigate Commodity Price Risk 50% 30% Hedging Program Protects Balance Sheet ~ ~ oil and liquids volumes oil and liquids volumes • Oil and liquids hedging strategy protects 50-60% of hedged for next 12 months hedged 1
Slide 32: Management
Management A Long History of Value Creation in the Oil & Gas Production Space John Jeffrey Justin Kaufmann Scott Sanborn Grant MacKenzie Chief Executive Officer Chief Development Officer Chief Financial Officer Chief Legal Officer Former CFO and founding partner Former Manager of Axiom Group, Former
Slide 33: Management
Management A Long History of Value Creation in the Oil & Gas Production Space Jamie Kuntz Tyler Cheetham Joel Robertson Cindy Gray Senior VP Operations VP Land VP Finance VP Investor Relations Former Facility & Pipeline Former Senior Landman roles at Over 10 years of oil and gas focused Former CEO a
Slide 34: Directors
Directors Sound Governance and Strategic Oversight John Jeffrey, MBA, BA Jim Payne ▪ Former CFO and founding partner of Axiom Group ▪ CEO of dynaCERT Inc., and CEO of a privately-held consulting, project management and real estate ▪ Led Saturn to successfully grow from ~400 boe/d to >43,000 boe/d in
Slide 35: Disclaimer
Disclaimer Oil & Gas Advisories Information Regarding Disclosure on Oil and Gas Operational Capital Expenditures from operating activities before changes in non-cash Saturn uses development capital expenditures to monitor working capital, decommissioning expenditures and Information and Non-IFRS Mea
Slide 36: Disclaimer
Disclaimer Oil & Gas Advisories Net Debt revenues, and as such third-party processing revenue is is anticipated to be comprised of approximately 85% crude the rates at which such wells will continue production and Net debt is a key capital management measure as it is used netted against operating ex
Slide 37: Disclaimer
Disclaimer Oil & Gas Advisories Oil and Gas Metrics & Reserve "FD&A Cost" represents finding, developing and acquisition "Probable" reserves are those additional reserves that are Reserve Assumptions: Reserve evaluation calculations are cost as calculated as the sum of 2024 capital expenditures less
Slide 38: Supplemental Information Regarding Corporate Reserves
Disclaimer Oil & Gas Advisories S UP P L E M E N T A L I N FO R M A T I O N R E G A R D I N G C O R P O R A T E R E S E R V E S 1 Light and Medium Crude Oil (Mbbl) Heavy Crude Oil (Mbbl) Conventional Natural Gas (MMscf) Natural Gas Liquids (Mbbl) Total MBOE (Mboe) Reserves Category Gross Net Gross N
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